{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_4.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 13:59:05
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2009/2010 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2009
0     1     2.522e-13     2.345e-13     1.776e-15
1     1861     4.083e-10     9.960e-10     2.754e-08
2     1243     4.070e-10     9.929e-10     2.744e-08
3     1617     4.089e-10     9.989e-10     2.753e-08
4     1575     4.110e-10     9.984e-10     2.754e-08
5     1032     4.105e-10     9.976e-10     2.746e-08
6     1484     4.085e-10     9.938e-10     2.740e-08
2009
0     1     2.522e-13     2.336e-13     5.329e-15
1     1675     4.112e-10     9.965e-10     2.652e-08
2     1215     4.113e-10     9.968e-10     2.653e-08
3     1469     4.114e-10     9.918e-10     2.675e-08
4     1535     4.078e-10     9.941e-10     2.690e-08
5     1221     4.099e-10     9.994e-10     2.706e-08
6     982     4.097e-10     9.990e-10     2.706e-08
2009
0     1     1.439e-13     1.341e-13     2.665e-15
1     1111     4.132e-10     9.995e-10     2.651e-08
2     1025     4.101e-10     9.928e-10     2.627e-08
3     1420     4.075e-10     9.980e-10     2.586e-08
4     1358     4.115e-10     9.930e-10     2.563e-08
5     1080     4.115e-10     9.964e-10     2.559e-08
6     982     4.107e-10     9.943e-10     2.552e-08
2010
0     1     4.086e-14     4.086e-14     8.882e-16
1     2105     4.357e-10     9.967e-10     3.399e-08
2     1445     4.368e-10     9.993e-10     3.407e-08
3     1878     4.329e-10     9.946e-10     3.371e-08
4     1803     4.363e-10     9.955e-10     3.378e-08
5     1551     4.355e-10     9.940e-10     3.357e-08
6     1806     4.363e-10     9.974e-10     3.377e-08
2010
0     1     8.882e-14     8.438e-14     2.665e-15
1     1854     4.394e-10     9.991e-10     3.285e-08
2     1341     4.390e-10     9.983e-10     3.282e-08
3     1632     4.397e-10     9.973e-10     3.306e-08
4     1687     4.342e-10     9.951e-10     3.302e-08
5     1307     4.349e-10     9.964e-10     3.309e-08
6     1244     4.364e-10     9.998e-10     3.322e-08
2010
0     1     4.086e-14     4.086e-14     8.882e-16
1     1263     4.380e-10     9.932e-10     3.258e-08
2     1089     4.410e-10     9.999e-10     3.275e-08
3     1604     4.349e-10     9.974e-10     3.213e-08
4     1426     4.412e-10     9.992e-10     3.207e-08
5     1136     4.397e-10     9.983e-10     3.192e-08
6     1240     4.380e-10     9.946e-10     3.179e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_4.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 15:38:58
{txt}{.-}
{smcl}
{txt}{sf}{ul off}